The Colts are in the midst of a draft in which they have prioritized protecting the quarterback, but that of course means keeping that quarterback around long-term. The Colts have made no secret about the fact that they hope to get Andrew Luck signed to a long-term contract extension this offseason, and it's expected to come at some point.
Owner Jim Irsay, speaking with the media today about the Colts' draft, said that they have had "serious discussions" and that progress has been made. Both sides believe a deal is possible and that the sooner the better, and the talks do indicate that a deal should be able to come together. Irsay mentioned that he'd like to get the deal done before the Colts begin training camp. His July 4 comments from earlier this year are to be held as a guideline but not a hard-set rule, though the Colts do want to get the deal done as soon as possible.
Luck's deal with the Colts will be massive, and they have already added three talented offensive linemen to help protect him - most notably Alabama's Ryan Kelly, the center selected by the Colts in the first round this year. Luck had a rough year in 2015 in which he dealt with numerous injuries, but he still has completed 58.1% of his passes for 14,838 yards and 101 touchdowns for a passer rating of 85.0 since being drafted first overall in 2012. It's clear that for the Colts to get to where they want to go, they will need Andrew Luck under center. They are working to ensure that in two ways this offseason: through adding more offensive line help and through extending his contract. So far, they've done one of those things by drafting three linemen, and they're in "serious discussions" to get the other done as well.